Public Finance & Economic Development

Public Finance & Economic Development

Overview

Cox, Castle & Nicholson represents financial institutions, private lenders, equity investors, and developers in a broad array of public finance and economic development transactions, including tax-exempt and taxable municipal debt issuances for multi-family housing, infrastructure, transportation, and health care, school, and other 501(c)(3) facilities. We regularly structure and negotiate complex financings, including deals involving senior and subordinate bonds with several other sources of grant proceeds, debt, and equity.

We have extensive experience across a broad array of public finance and economic development programs and finance tools, such as: (i) community facilities district (CFD) bond financing under the California Mello-Roos Community Facilities Act of 1982; (ii) synthetic lease revenue bond and certificates of participation (COP) financing; and (iii) grants and loans from the California Department of Housing and Community Development's Transit-Oriented Development (TOD) and Infill Infrastructure Grant (IIG) programs funded from California Proposition 1C proceeds.

Economic development projects often combine a complicated mix of facilities such as multi-family rental housing (both market-rate and low-income restricted), condominium and townhouse for-sale housing; hotels; retail and commercial facilities; public and private parking facilities; public transportation facilities; and public parks. With cross-disciplinary expertise in real estate, tax, municipal finance, affordable housing, hospitality, construction, land use, and governmental law, Cox, Castle & Nicholson offers clients full service across the spectrum of complicated, interrelated legal issues that arise in these large projects.

Representative Matters

Represented the developer of a transit-oriented project involving multi-family low-income restricted family and senior rental housing, parking facilities serving residential and retail uses, and integration into a regional mass-transit station, financed with a combination of tax-exempt bonds, low-income housing tax credits, and both TOD and IIG funds.

Represented the developer of a hotel project in a unique construction financing transaction involving a loan of proceeds from the sale of tax-exempt Recovery Zone Facility Bonds authorized by the American Recovery and Reinvestment Act of 2009.

Represented two San Francisco Bay Area nonprofit schools in tax-exempt bond loans for the construction of new school campus facilities.